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2017.05.3014:42:00UTC+00Crude Oil In Doldrums Near $50

Crude oil futures were little changed Tuesday, bouncing back from early losses to remain in a tight range near $50 a barrel.

Traders shrugged off incoming economic data, instead looking toward upcoming U.S. inventories data that will roll out over the next few days.

Meanwhile, Goldman Sachs analysts said they "believe a $50/bbl. price signal-either 2018-2019 futures prices at $50 or below, or spot prices of $50 in 2018-can help to bring the market to balance by creating an environment of shale constraint, OPEC restraint, or both."

July WTI oil was down 14 cents, or 0.3%, to settle at $49.66/bbl today.

U.S. consumer confidence unexpectedly fell in May, the second consecutive monthly decline, according to a report from the Conference Board. The Conference Board's Consumer Confidence Index slipped to 117.9, down from 119.4 in April. Economists expected a reading in the neighborhood of 119.5.

Oil inventories data will be delayed a day due to the Memorial Day holiday. The American Petroleum Institute is out with industry figures tomorrow, while the Energy Department reports the government's numbers Thursday morning.

Domestic inventories have dwindled from record highs for seven weeks running.

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